METALS-Copper prices fluctuate as China GDP meets forecast, markets eye US data

By Hongmei Li

SINGAPORE, July 15 (Reuters) - Copper prices on the London Metal Exchange and the Shanghai Futures Exchange saw narrow fluctuations on Tuesday, as China's GDP growth met forecasts, while traders awaited U.S. inflation data and potential monetary policy shifts.

Three-month copper on the LME CMCU3 was up 0.31% at $9,648.5 per metric ton, as of 0700 GMT, while the most-traded copper contract on the SHFE SCFcv1 eased 0.26% to 78,090 yuan ($10,884.84) a ton.

China's GDP grew 5.2% during April-June, slightly lower than the 5.4% in the first quarter, with first-half 2025 GDP growth at 5.3%. Fixed asset investment increased 2.8% year-on-year, according to China's National Bureau of Statistics.

"Metals market will not be reacting much so long as the China's GDP growth for the first half is above 5%, and for the rest of 2025 and in the longer term, it is more about how Beijing will be dealing with the overcapacity in many industrial sectors and cut-throat competition," a Shanghai-based metals analyst from a futures company said.

The dollar hovered near a three-week high against major peers, as traders awaited U.S. inflation data for clues on monetary policy and the potential departure of Federal Reserve Chair Jerome Powell amid continued criticism from U.S. President Donald Trump.

SHFE tin SSNcv1 fell 1.12% to 263,240 yuan a ton, mainly in response to the market speculation on the re-issuance of tin mining licenses in Wa State, Myanmar, on Tuesday. Wa State suspended all work at the local mines in August 2023 to protect resources.

"SHFE tin price has softened in reaction, on the expectation of supply increase in the coming months," a Shanghai-based tin trader said.

LME lead CMPB3 fell 0.72% to $1,988.5 a ton, zinc CMZN3 ticked down 0.6% to $2,713.5, tin CMSN3 eased 0.55% to $33,350, and nickel CMNI3 went down 0.36% to $15,010, while aluminium CMAL3 traded flat at $2,592.5.

SHFE nickel SNIcv1 fell 1.15% to 119,380 yuan per ton, lead SPBcv1 eased 0.76% at 16,930 yuan, and zinc SZNcv1 slipped 0.54% to 22,085 yuan, while aluminium SAFcv1 was flat at 20,430 yuan.

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